Summerset lifts underlying annual profit 21.5%

CEO Scott Scoullar said demand for Summerset Villages is strong. (Image: Summerset)

Fri, 24 Feb 2023

Summerset Group’s underlying annual result was up 21.5% but the bottom line was down 50.5% because the value of its retirement villages didn’t rise as much as the previous year.Net profit came in at $269.1 million for the 2022 calendar year, compared with $543.7m in 2021, with its property values up $268.8m in 2022 and up $537.5m in 2021. The underlying result rose to $171.4m from $141.1m in 2021.Summerset will pay a final dividend of 11.6 cents per share (cps), up from 8.6cps last year, taking the year’s payout to 22.3cps, up...

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